November 04, 2013- Stocks Edge Higher Awaiting Fresh Cues

Notwithstanding the lackluster performance for much of last week, Wall Street mood is still somber, as traders await fresh trading cues. The major U.S. index futures point to a slightly higher opening on Monday. Earlier in the global trading day, Asian stocks had a lackluster outing, while the European averages are showing strength amid the release of revised manufacturing purchasing managers' data from the region and mixed earnings news. Sentiment going into the session may also hinge on some Fed speeches scheduled for the day, although caution is likely to be the watchword, as the major averages trade in the overbought territory. The Dow futures are adding 33.00 points, the S&P 500 futures are moving up 4.00 points and the Nasdaq 100 futures are rising 12.25 points. U.S. stocks went about in a lackluster manner in the week ended November 1st, as traders reacted to mixed earnings, the FOMC meeting and the incoming economic evidence. The averages ended mixed for the week. Economic data is likely to take center stage in the unfolding week, with jobs and consumer data being in the forefront. Traders are expected to closely track the Labor Department's non-farm payrolls report for October, the jobless claims report, the Commerce Department's personal income & spending report, the preliminary consumer sentiment index based on a survey by Reuters and the University of Michigan and the results of the Institute for Supply Management's non-manufacturing survey for October.